The inventions of computer and internet have revolutionized the world. Almost, all the countries of the world are shifting to digital technologies to reduce the use of physical money. The invention of Bitcoin is also a landmark in this achievement of digitization. Since the invention of Bitcoin, the blockchain technology is being employed widely. A Blockchain is actually a public ledger to record all the Cryptocurrency transactions. Each transaction is recorded in the form of a separate block. These blocks are linked with one another and resist changes.
Nowadays, blockchains are not only used for recording economic transactions but are also being used as ledgers for many other purposes. Here, it is important to mention that the information in each block is shared and no one can alter or corrupt the data. There are millions of computers across the globe hosting these blockchains. Due to increasing benefits of blockchain technology, its use is also increasing. Following are some benefits of blockchain technology.
1-Increased Security
The very first and the foremost advantage of blockchain technology is the increased security. The world is facing a lot of threats from fraudulent people and this technology is safe due to high degree of encryption. Moreover, the data storage on all the users’ computers is also important in this regard. No one can change the record because the data is accessible to all the users.
2-Transparency
The financial and economic transactions require a high degree of transparency. No other technology can give such an exemplary transparency. All the information is stored at such a place where everyone can access it using a key. By assessing the previous transactions, the satisfaction level of all the market partners increases.
3-Accuracy
Blockchain technology is a lot useful in digital transactions because it gives a high degree of accuracy in the transactions. Since all the blocks are inter-linked, the error at any stage can easily be traced. Also, there is probably no chance of error because of automation of all the processes.
4-Cost Effective
Blockchain technology has also proved cost efficient because it eliminates documentation, delay in procedures, and discrepancies and errors. Thus, the cost of all the intermediaries is avoided and makes it a cost efficient technology. Furthermore, this elimination of documentation also reduces the processing time of each transaction. As a result the processes that took weeks for completion are now completed within a few minutes.
To sum up, we can easily say that blockchain is an innovative technology that has simplified the problems of data storage. It has also increased the security of the transactions due to encryption on millions of computers across the world.
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